Under Offer

Bloomsbury Corner Office Building with Development Potential

7 Ridgmount Street, London WC1

Offers in excess of £27,500,000

Property Type:
Commercial
Tenure:
Freehold
Site Area:
29,180 sq.ft [2,711 sq.m]

Tenancy

7 Ridgmount Street is part-let to six tenants producing a total income of £730,050 pa, equating to a highly reversionary £41.49 psf (on let space). The building has an average weighted unexpired term of 2.8 years to expiries and 1.9 years to break options (on let space), with full vacant possession possible in 2025.

Description

  • Freehold.
  • Prominent corner building that has not traded in over 50 years.
  • Situated within the “Knowledge Quarter” in Bloomsbury, a vibrant location in London’s West End and a 5 minute walk to Tottenham Court Road Underground and Crossrail station.
  • Existing 29,180 sq ft (2,711 sq m) NIA of office accommodation arranged over basement, ground and four upper floors.
  • Approximately 40% of the building is currently vacant with full vacant possession possible by mid-2025.
  • Exceptional short-term office redevelopment opportunity, with potential to increase net lettable area by circa 40% to 40,000 sq ft (subject to necessary consents).

Offers are invited in excess of £27,500,000, subject to contract. Pricing at this level reflects £942 per sq ft on the existing NIA floor area.